Published on 8 Sep, 2023

What is a Notice of Assessment?

Written by:
Thomas S Phabmixay
General Manager

Page Contents

What is an Income Tax Return?

The Australian Taxation Office requires all persons, both residents and non-residents, to file their income tax returns. The tax return summarises your income and claimable expenses during the financial year.

Before filing the tax return, be sure that your details are updated, such as bank details, address, and contact information. Lodging it on or before the due date is necessary to avoid additional fees for late filing.

In cases where you have paid your taxes in advance during the financial year, you might receive a tax refund if it’s more than your actual tax obligation. Furthermore, once you submit and lodge the tax return to the ATO, they will then issue you a notice of assessment.

What is a Notice of Assessment?

A Notice of Assessment is a document issued by the Australian Taxation Office (ATO) after processing a tax return or franking credits lodgment.

It is an important document given by the ATO since it provides a summary of your taxable income during the year and your tax position. The notice of assessment will include the following details:

Tax payable on your taxable income
Tax credits applied during the income year
Tax refundable or payable amount
Excess private health refund or reduction, if any

Below is an example of a notice of assessment:

Sample of notice of assessment received from the Australian Taxation Office.

When do you receive a notice of assessment?

Once your tax return or franking credits submission has been processed, the ATO will send you a notice of assessment.

The lodgment method you chose for the tax return will determine the processing timeframes the ATO will aim for.

If you lodge:

Through Paper Lodgment – the ATO will aim to process the assessments within 50 business days (10 weeks) after receiving them (but paper method lodgments may take up to 7 weeks to show on ATO systems)
Using myTax Online – If you use this method, the ATO has two weeks to process your notice of assessment.
Through a Registered Tax Agent – you should also expect to receive the notice of assessment within two weeks.

If you have not received your notice of assessment within the specified time, you can reach out to the ATO for assistance. Additionally, if you filed your tax return through us, you can contact us for help.

Where can I find my Notice of Assessment?

You can access and download your notice of assessment through your myGov account, which allows you to easily view and print the document. If you require a copy of your notice of assessment from the current or previous years, and you can’t find it in your myGov inbox, follow these steps below:

Steps to Retrieve a Notice of Assessment:

Sign in to my.gov.au
Click on ATO from your services.
Click on “My Profile” found in the Menu Bar.
In the drop-down menu, click on “Communication.”
Click on “History”

If you are having trouble accessing your MyGov account with ATO, please don’t hesitate to contact us to help you.

If you misplace or lose your refund cheque, you must contact the ATO immediately for a replacement cheque. After validating your identity, you will receive the replacement cheque plus another copy of your NOA by post.

What’s an amended notice of assessment?

An amended notice of assessment may be obtained in one of two situations:

When you discovered that you failed to disclose income or expenses that need to be declared on your tax return, or you made an error in completing it. You must submit an amended tax return to correct it then the ATO will issue an amended NOA.
If the ATO conducts an audit and determines that you failed to record some income or expenses, in which case you will receive a notice of amended assessment reflecting the adjustments.

Below is an example of a notice of amended notice of assessment:

Sample of amended notice of assessment from the Australian Taxation Office.

Receiving a notice of amended assessment usually suggests that you may need to pay additional tax or get a refund due to the assessment. If you disagree with any adjustments made, you can lodge an objection or dispute with the ATO.

You can also connect with the ATO and request further assistance. Just be sure to have your documents ready such as your copy of your tax return and your notice of assessment for references.

Next Steps

Don’t let your Notices of Assessment catch you off guard! Take control of your taxes by partnering with TMS CPA Accountants. Our team of experts will work with you to create a tailored tax planning strategy that will help you achieve the best possible outcome on your next assessment. We’ll make sure that your tax returns are completed accurately and that you’re taking advantage of all the deductions and credits you’re eligible for. Don’t wait, contact TMS CPA Accountants today and start reaping the benefits of expert guidance and advice.

Next Step is to Contact TMS Financials

TMS Financials provides you with a team of experienced professionals that help you achieve your financial goals through smart tax structures and strategic financial structuring. We’re a one-stop shop for all financial needs and pride ourselves on building strong partnerships with our clients.

Book a free financial health review to see the difference we can make in your financial future.

Book a free accountant consultation with TMS CPA Accountants your specialists in Sydney Australia.

Disclaimer

This outline is for general information only and not as legal, tax or accounting advice. It may not be accurate, complete or current. It is not official and not from a government institution. Always consult a qualified professional for specific advice tailored to your unique circumstances.